The company makes software described as "Dreamweaver for the mobile phone interface," which it had originally hoped would allow creative consumers to create high-performance layouts and applications for touch-screen electronics, without having to worry about complicated coding and programming.
"Part of what we've learned is ... to wrap services around our core IT to provide high-value technology that are unique to our customers' solutions," says chief technology officer Jason Flick.
The new strategy, he says, has helped YOU i Labs score some initial strategic engagements, including work with an unnamed Korean customer and a North America-based client, with more customer announcements expected in the next couple of months.
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The company has also been able sharpen its value proposition, which has garnered positive feedback from the venture community. That's important since the company is now getting to the point where it needs capital to get its high-performance touch-screen technology out to customers so they can see for themselves how it works.
On top of that, says Mr. Flick, YOU i Labs is close to being cash flow-even, and it's learned to both work with other capital-starved firms to build its technology and to create value at a fraction of the funding that would have been needed in the venture-rich years of the early 2000s.
"There's no other competition out there ... When the markets hit, little was going into innovation, so now when we talk to consumer electronics companies, there's nobody else giving a similar pitch." - Jason Flick, co-founder and chief technology officer
"It's been a roller-coaster ride of learning how to sell, and we've been through some trials and errors, but we've now learned where the real pain is and how to fit into our ecosystem," he adds.
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Year founded: 2008
Local head count: 8
Venture capital to date: Undisclosed
Product: Next-generation mobile touch-screen software
